30 December 2024
Editor: ET
The Accounting and Corporate Regulatory Authority (ACRA) ensures that businesses in Singapore operate within a transparent and trusted framework.
As part of its oversight, ACRA regulates registered Filing Agents (FA) and Qualified Individuals (QI) to maintain high standards of compliance and professionalism.
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When misconduct or breaches of regulations occur, stakeholders have the right to lodge formal complaints to address these issues.
Complaints Involving Corporate Service Providers
Corporate service providers, such as Filing Agents and Qualified Individuals, must adhere to the Accounting and Corporate Regulatory Authority (Filing Agents and Qualified Individuals) Regulations 2015. Complaints may be lodged if they are suspected of breaching these regulations.
Key Criteria for Lodging a Complaint
To file a valid complaint against an FA or QI, the complainant must:
Identify the Breach: Clearly state the specific term or condition within the 2015 Regulations that is alleged to have been violated.
Provide Supporting Evidence: Supply documentation or information that substantiates the complaint.
It is important to note that issues such as over-charging by an FA or QI are not considered breaches under these regulations and cannot form the basis for a formal complaint.
Steps to Lodge a Complaint
Prepare the Complaint: Outline the nature of the breach, referencing the relevant section of the 2015 Regulations.
Submit the Complaint: File the complaint through ACRA’s official online platform or designated channels.
Investigation Process: ACRA will review the complaint, assess its validity, and investigate accordingly.
Why Reporting Misconduct Matters
Lodging complaints against FAs or QIs who breach their professional obligations ensures:
Greater accountability within Singapore’s corporate service industry.
Protection for businesses and stakeholders from non-compliant practices.
Reinforcement of Singapore’s reputation as a transparent and business-friendly jurisdiction.
Seek Expert Guidance
For businesses or individuals unsure about the complaint process or the validity of their claims, consulting experienced professionals can provide clarity. Corporate advisory firms like Expede specialize in navigating ACRA’s regulations, ensuring that complaints are handled effectively.
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ACRA’s Role in Upholding Standards
Through diligent regulation and complaint resolution, ACRA ensures that corporate service providers adhere to the highest standards of professionalism. This commitment helps maintain Singapore’s standing as a trusted global business hub.
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